The absolute truth about normalized metrics for benchmarks

My column for InsideCounsel explains absolute and normalized figures and why normalized figures so importantly contribute to benchmark studies. Click here to read the column.

The columns draws on and goes beyond the following posts (See my post of May 1, 2005: normalize structural analysis of departments; May 28, 2005: normalized various practice area metrics; May 31, 2005: normalizing city and state figures by dividing by the numbers of residents; Jan. 1, 2006: explanation of normalized data; Nov. 13, 2006: another explanation; May 16, 2006: problems when you normalize by number of lawyers; May 26, 2007: adjust number of management initiatives by size of law department; Nov. 22, 2007: two scales on which to normalize litigation benchmarks; Aug. 28, 2008: how to align TLS/Rev across industries; Dec. 23, 2008: lawsuits per billion dollars of revenue; May 22, 2009: total lawyer hours worked per billion of revenue; Sept. 1, 2009: cost-of-living indices normalize compensation figures; Oct. 20, 2009: normalize by logarithm of revenue; and May 24, 2010: take into account tort costs of countries.).

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